Common use of LIMITATIONS ON TRANSFER OF THE OPTION Clause in Contracts

LIMITATIONS ON TRANSFER OF THE OPTION. Subject to the provisions of Section 12 hereof, the Option shall not be sold, transferred, assigned or hypothecated by the Optionholder. Unless the context indicates otherwise, the term "Optionholder" shall include any transferee or transferees or designee or designees of the Optionholder pursuant to this subsection 2.3, and the term "Option" shall include any and all options outstanding pursuant to this Agreement, including those evidenced by a certificate or certificates issued upon division, exchange, substitution or transfer pursuant to this Agreement.

LIMITATIONS ON TRANSFER OF THE OPTION. Subject to the provisions of Section 12 13 hereof, the Option shall not be sold, transferred, assigned or hypothecated by the Optionholder. Unless the context indicates otherwise, the term "Optionholder" shall include any transferee or transferees or designee or designees of the Optionholder pursuant to this subsection 2.3, and the term "Option" shall include any and all options outstanding pursuant to this Agreement, including those evidenced by a certificate or certificates issued upon division, exchange, substitution or transfer pursuant to this Agreement.